Panel guides Shinhan toward ‘smart finance’

Shinhan Financial Group on Wednesday appointed a special panel of experts to help it build a new platform to promote mobile banking.

The 24-member Shinhan Smart Innovators panel consists of professionals from a wide range of industries, including finance, mobile manufacturing, legal services and IT business.

In 2012 Shinhan established the initial 32-member SSI panel, which recently ended its term, to guide the bank in the right direction under rapidly changing industry conditions. A second panel has now kicked off a new term.

Members of Shinhan Financial Group’s latest team of Shinhan Smart Innovators pose during a launch ceremony at the group’s headquarters in Seoul on Wednesday. (Shinhan Financial Group)

Thanks to this special team of advisers, Shinhan was able to spearhead the country’s “smart banking” trend, and the bank introduced upgraded online and mobile banking systems and software, the company said.

It added that the newly appointed SSI members would focus on improving Shinhan’s “smart” finance services by upgrading and developing mobile banking platforms, to eventually move on to introduce new banking models for Korea.

Mobile business has become a key strategy for Shinhan Financial Group, which has been looking for ways to prosper amid the prolonged sluggish performance of both the financial industry and the local economy.

As a part of the mobile initiative, the group developed a slew of new systems offering various online finance services ― including mobile payments, fund investment and foreign currency trading ― for mobile devices.

“Our company believes smart financial services is where the future of the finance industry lies, and that it is the way toward carving out a more creative financial market,” said Soh Jae-Gwang, deputy president of Shinhan Financial Group.

Shinhan’s efforts toward smarter services also reflect its resolve to help create a better society for everyone, he added, as the fruits of such new business strategies would be shared with more people.